Tesla reduces the cost of its complete self-driving software by a third to “$8,000” in the US due to declining sales.

Tesla reduces the cost of its complete self-driving software by a third to $8,000 in the US due to declining sales.

As CEO Elon Musk doubled down on self-driving technology, Tesla lowered the cost of its Full Self-Driving (FSD) driver assistance software to $8,000 from $12,000 in the US.

Musk is placing his money on the technology to turn the most valuable car company in the world into a cash cow. However, he has been unable to accomplish the aim of self-driving capabilities for years, and the technology is coming under increasing regulatory and legal scrutiny.

After Reuters revealed earlier this month that Tesla had abandoned its low-cost, mass-market automobile in favor of robotaxis, Musk announced earlier this month that the company will showcase its robotaxis on August 8.

Customers may now purchase the FSD function for $8,000 or subscribe to utilize it for $99 each month, according to the Tesla website.

Recently, Tesla offered a month-long free membership to the program to all of its customers while lowering the monthly subscription fee for the function in the US from $199.

Price reductions in the US and China

In significant areas, Tesla has also been lowering the cost of its vehicle lineup. Faced with declining sales and escalating competition in the electric car market, Tesla slashed prices across its entire lineup in China by about $2,000, matching reductions it had made in the US.

Following price reductions in the US, Tesla has slashed costs by over $2,000 on a number of its models in China as it battles declining sales and a growing pricing war for electric cars (EVs), particularly against less expensive Chinese EVs.

According to the official website, of Elon Musk’s electric vehicle manufacturer, the beginning price of the updated Model 3 in China has been lowered by 14,000 yuan ($1,930) to 231,900 yuan ($32,000).

Tesla lowered the starting price of the Model Y to 249,900 yuan, the Model S standard version to 684,900 yuan, and the Model S Plaid to 814,900 yuan. The price of the standard Model X is now 724,900 yuan, while the plaid model costs 824,900 yuan.

The automaker reduced the cost of its Model Y, Model X, and Model S cars in the US by $2,000 on Friday.

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Decrease in delivery

This month, Tesla revealed that, due to a lackluster response to price reductions, worldwide car deliveries declined in the first quarter for the first time in almost four years.

Due to high borrowing rates that have reduced customer demand for expensive goods, the EV manufacturer has been sluggish in updating its aging models as competitors in China, the largest car market in the world, are releasing more affordable versions.

Due to commitments at Tesla, Musk had to cancel his intended travel to India this past weekend, when he was supposed to see Prime Minister Narendra Modi. It was planned for the trip to feature the announcement of Tesla’s ambitions to join the South Asian market.

Prior to this, Musk announced that Tesla was preparing for its first annual decline in deliveries and would be laying off over 10% of its global staff.

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